Archive for the ‘Stimulus’ Category

The ObamaCar – Another Ideological Failure

December 6, 2014

Michelle Malkin informs us that Obama’s predicted 1 million electric cars on the road by 2015 will fall about 826,00 cars short of the target. Obama’s pie-in-the-sky green agenda dumped lots of stimulus money into electric cars (or, as they should be labeled, ObamaCars) and the “consensus” is that it has been an economic failure – one of many.

Much of the current failure of electric cars to catch on is due to cost and the difficulty of producing efficient batteries. The Obama administration dumped $2 billion stimulus dollars into new battery companies in the “hope” they would produce a breakthrough to help fill the roads with his electric cars. That, too, failed.

Fisker Automotive, which received a $500 million stimulus loan to produce electric cars (in Finland, not in the USA), went bankrupt last year, adding to the long list of stimulus failures. After bailing out GM, Obama praised the Chevy Volt like a new car dealer, making a campaign promise to buy one after leaving office. His campaign promises, however, have flopped as badly as sales of the Chevy Volt, so don’t hold your breath.

Electric cars aren’t a bad idea and they do work, but they are not far enough along in their development to be our main mode of transportation. Progressives, who “know” what’s best for everyone, are pushing (forcing?) these cars on us for our own good. They don’t care about cost, efficiency, practicality, or anything else that doesn’t fit their beliefs.

Obama’s entire green agenda has been based on what “should” be and not what “is” and cost means nothing because it’s only government money. If the dream fails, it’s no big deal. He’ll be out of office soon enough and cruising down the highway in his brand new Chevy Volt – given to him, free, by GM. At least he won’t have to drive a Fisker.

Another daydream; another dollar…make that a trillion dollars – and counting.

David J. Hentosh

Census Bureau Data Shows Bubble Bursting

April 16, 2014

For all those voting strictly for the party that continues to provide more and more government handouts, you should know that the freebie bubble is about to officially burst. Census Bureau Data shows those receiving handouts far outnumber those working to pay for them and it is only a matter of time before it all crumbles.

From cnsnews.com

Buried deep on the website of the U.S. Census Bureau is a number every American citizen, and especially those entrusted with public office, should know…In 2012, according to the Census Bureau, approximately 103,087,000 people worked full-time (35 or more hours per week)… There were 108,592,000 people in the fourth quarter of 2011 who lived in a household that included people on “one or more means-tested program“…Those 108,592,000 outnumbered the 86,429,000 full-time private-sector workers who inhabited the United States in 2012 by almost 1.3 to 1…All told, including both the welfare recipients and the non-welfare beneficiaries, there were 151,014,000 who “received benefits from one or more programs”…The 147,802,000 non-veteran benefit takers outnumbered the 86,429,000 full-time private sector workers 1.7 to 1

These numbers make it clear our current government assistance situation is not sustainable. It is also clear that we are already on our way down. If voters don’t wake up, we may possibly hit bottom during the next administration’s reign.

David J. Hentosh

2011 Media Myths

December 31, 2011

The mainstream media, continuing its backing of a progressive agenda, was successful in propagating several myths during the past year. Some of these myths are ridiculous and some are very dangerous – and they all twist or deny facts.

The biggest myth of the year was Obama’s “winning” of the war in Iraq – by pulling US troops out against the advice of military commanders. This declared “end of the war” by Obama fulfilled his campaign promise but left Iraq as easy prey for Iran. Obama copied the Bush military surge (which he predicted would never work) and gained enough to allow him to abandon the country and declare “mission accomplished”. As a result, Iran will probably be declaring victory in Iraq in the upcoming year.

Speaking of Iran, Obama’s media-praised myth of international diplomacy (“talk softly and carry no stick”) has allowed Iran to advance its efforts to obtain nuclear weapons. Israel is now on the verge of a military attack against Iran’s nuclear facilities, putting the entire region in peril. Iran is brazenly rattling its sword in the Strait of Hormuz; North Korea is again raising tensions; and Russia and China are taking full advantage of the weak diplomatic style.

The “Stimulus” myth continues, along with unemployment and the rising national debt. Claims of creating jobs with the Stimulus bill abound and the media backs those claims with cherry-picked “facts” and dubious polls. Meanwhile, the stimulus intent of keeping unemployment under 8% has totally failed and many of the financial institutes that were “too big to fail” have failed anyway. The resulting increase in the national debt will be felt by our grandchildren’s children and the American Dream has been downgraded.

The great myth of Obamacare providing health insurance for all, lower insurance rates, better coverage, and lower government expenditures is still being floated by the media even as those balloons are bursting all around. Exemptions from Obamacare are being sought (and granted) by many companies finding nothing but economic ruin in the details. Obama’s promise of “keeping the health insurance you have” is evaporating as companies find it more beneficial to stop offering health insurance.

The media myth of Obama’s “superior intelligence” continues, though he has done nothing to validate its existence. The fawning over Obama by many media pundits brings nothing but praise, therefore, his omnipotence, along with his re-election, is broadcast as fact.

Myths die hard – but they do die. Perhaps November will bring about the demise of a few. Your help is needed in order to accomplish that.

David J. Hentosh

Obama Appoints a Fox to Guard the Henhouse

January 22, 2011

President Obama appointed GE Chief Executive Jeffrey Immelt to lead an initiative on jobs and US competitiveness. This fox, Immelt, has been raiding the US henhouse of jobs for years by moving GE operations and facilities overseas.

Consider that GE paid no corporate taxes to the US last year, claiming a loss of $408 million from its US operations and a $10.8 billion profit from its international dealings. Immelt seems to be an expert in making profits overseas but he has been failing in the US. This “expertise” in US business failure is being tapped by Obama to prove to all that he is not anti-business. Perhaps he’s just anti-US-business.

GE received billions in bailout money from the Obama administration. In return, GE is investing $2 billion in China, creating over 1000 overseas jobs there, as it continues to shift production from US to China. Dovetailing nicely (and suspiciously) with Obama’s kowtowing to China, GE is partnering with China to develop and market avionics systems for commercial aircraft. Combined with GE’s recent partnership with China for jet engines, high tech jobs are being handed over along with technical expertise – to a country that is not considered friendly to the US.

GE also invested $3 million in an offshore GE Oil & Gas testing facility in Poland as it proceeds to close down its GE Oil & Gas facility in Oshkosh, Wisconsin. (GE Oil & Gas business is headquartered in Florence, Italy.) Light bulbs, a once-famous GE product, will no longer be made in the US as GE is closing one of the last remaining light bulb manufacturing plants in the US.

It is unclear what message Obama believes he is sending to the business community with Immelt’s appointment. What is clear, however, is that Immelt has been contributing heavily to US unemployment by callously shipping jobs and manufacturing out of the country. Bringing him in to help US jobs and competitiveness is nothing less than asking a fox to protect a hen.

David J. Hentosh

Calling “Sheriff” Joe Biden–Again

December 17, 2010

Remember when President Obama assigned Vice President Joe Biden to oversee the stimulus project? http://wp.me/pBslf-db

“As part of his duty, Joe will keep an eye on how precious tax dollars are being spent. To you, he’s Mr. Vice President, but around the White House, we call him the Sheriff — because if you’re misusing taxpayer money, you’ll have to answer to him,” the president said.

Apparently the “Sheriff” hasn’t been to Baltimore.

Maryland officials are suggesting that $45 million in stimulus money be used as “Recovery Zone Facility Revenue Bonds” and issued to help John Paterakis, one of the wealthiest men in Baltimore and president of the one of the largest privately-owned bakeries in the country, finish his Four Seasons hotel and spa in Harbor East, Baltimore.

It seems that Maryland’s Department of Business and Economic Development only has until the end of the year to award $101 million in “Recovery Zone” allocations, or possibly lose the aid. Why lose perfectly good money when you can waste it on a private project being built by a wealthy man?

According to the Baltimore Business Journal, a DBED spokeswoman says the money will be used to complete the construction on the project rather than refinance it. Some of the money will be used to buy and install furnishings, equipment, machinery, and other improvements for the 256-room hotel.

In what universe is a Four Seasons hotel near the Inner Harbor of Baltimore considered a “Recovery Zone?”

And here’s the kicker—Richard Clinch, an economist who has advised the developers—said funding the hotel should “help create hundreds of jobs for Baltimore’s low-income workers.”

Guess what else would create hundreds of jobs? The Free Market.

Let the hotel be foreclosed upon if Paterakis can’t afford to complete it. The new owner will get it for a good price, finish and furnish it on the company’s own dime, and the Maryland Department of “Business and Economic Development” (do they even know what that means?) could send the unused stimulus money back to the federal government where it could be used to pay down the deficit—a little.

Clinch also said: “To me, this is not a bad use of stimulus money to promote economic development.”

Right. How about if the taxpayers keep the stimulus money and private enterprises fund their own hotels?

Where is “Sheriff” Joe Biden when we need him?

aln

News Flash! The White House’s “Proof” the Stimulus is Working

September 17, 2010

The administration is hitting back at those disparaging the Obama/Democratic Stimulus Plan. They’ve come out with a report, released only to ABC News, called “100 Recovery Act Projects that are Changing America.” Of course, if you consider the title carefully, they aren’t claiming that they’re helping the economy, providing jobs, or improving the country—just that they’re “changing” the country. In fact, they don’t even claim they’re changing America for the better.

Joe “the Sheriff” Biden will be releasing the full report to everyone else Friday, Sept. 17. Until he does, the ABC news report provides a glimpse into the administration’s ideas on what it considers “successful” stimuli.

  1. Cleanup of an old electronics plant in South Plainfield, N.J. with $30 million. The efforts have created 68 jobs so far, but the administration claims it will be an “economic boon” when the new industrial park opens next year. Of course, that assumes other office parks in the area will be 100% leased and the new space is needed (and that there is any private industry left in the area after all the government “help”). This is a fine example of  the “if we build it, they will come” theory, which works better in baseball movies than in a real world bad economy.  The project does provide an environmental benefit, although probably no economic one except to the 68 workers.  Cost $441,176.47/job.
  2. $154 million to the Cancer Genome Atlas Project, which beefs up cancer research at 15 research institutions and has 150 scientists involved. Not to diminish cancer research, but how does this stimulate the economy? And what were those researchers doing before the stimulus money was tossed their way–flipping burgers at McDonalds?  Probably not. More likely, they were already doing research in the field, but this just gives them more funds to do it with. Cost: $1,026,667/scientist (although admittedly there are probably some research assistants, etc. involved. On the other hand, the money probably isn’t creating many new jobs for scientists.)
  3. $175 million for New York’s Staten Island Ferry Terminal/ 120 workers. While few would argue that the country’s infrastructure is in disrepair, why are people in Montana and Kansas paying for the Staten Island Ferry Terminal? Isn’t that New York’s job? Cost: $1,458,333 per worker.

These programs, which apparently are the administration’s poster children of successful stimulus projects, show just how little understanding the White House has about economics. After all, there is more to stimulating the economy than throwing money at jobs that aren’t actually producing things people need and will pay for. (Again, we aren’t diminishing the importance of cancer research or a quality ferry terminal, only that those aren’t actually things that stimulate the economy.)

As we’ve heard from this White House many times, it’s all about hope and change. The Obama administration is hoping you’ll forget the changes they’ve made in the country and our economy.

We’ll see if that’s the case, come November.

aln

Signs of Wasted Stimulus

September 16, 2010

House Republicans are asking folks to take photos of Obama propaganda signs. They want photos of the actual signs, on which about $20 million was wasted. (What about the money wasted on stupid stimulus projects?)

Of course, most signs are in construction areas where it may not be safe to pull off, so be careful.

From Gateway Pundit.

NdP

Uncle Sam, Venture Capitalist

August 17, 2010

An excellent editorial from the Wall Street Journal, which does a good job of explaining why Patrick Murphy’s efforts to get lots of money for “green job” businesses in Bucks County is misguided, to say the least.

President Obama kicked off a five-state campaign swing yesterday with a stop at a “clean energy” plant in Menomonee Falls, Wisconsin. As it happens, Mr. Obama couldn’t have chosen a better company to demonstrate the risks that taxpayers are taking with their billions in green stimulus investment.

The White House press corps has been dragged to so many of these energy events that it has lost interest in looking at the companies it visits. But the case of ZBB Energy is worth a closer look. Mr. Obama praised it for “pointing the country toward a brighter economic future,” but we’ll let readers decide if they’d write the same checks if they were investing their own money.

ZBB has been around for more than a decade, developing batteries and equipment to store energy from wind turbines and solar cells. More efficient and long-lasting storage devices have long been the Holy Grail of renewable energy, since they would allow operators to store intermittent wind and solar energy for later use. A technological breakthrough would be a great achievement, but the problem is that the effort has proven to be both difficult and costly.

That hasn’t stopped the Obama Administration, which has been investing willy-nilly in the commercial battery industry. And so last January, when the Department of Energy announced $2.3 billion in “clean energy manufacturing tax credits,” ZBB was one of 183 recipients—collecting $14 million.

Read the rest here: Uncle Sam, Venture Capitalist

Congressman Patrick Murphy Issues a Sound Bite

August 12, 2010

Congressman Patrick Murphy voted for the $26 billion bailout supposedly to be used to save teacher and policemen’s salaries. No surprise there, but what’s interesting is a comment he put out in the center of his press release.

“Keeping cops on the beat by closing down Bermuda tax shelters for big corporations makes sense to me,” Murphy said.

If you aren’t aware of this latest example of Democrats (and Murphy’s) absence from their college Economics 101 classes, what happened is this: Nancy Pelosi called Congress back from summer recess (and all those town halls they’d scheduled–NOT) to vote on a $26 billion spending bill. Supposedly the bill will provide $10 billion for states to keep teachers on the job, and $16 billion to keep policemen on the beat. Understand that there is plenty of money in previous stimuli to pay for these “needs” IF the Democrats were willing to use it.

Instead, they are saving that stash of cash for who-knows-what and are claiming to pay for this $26 billion by what Murphy says is “closing down Bermuda tax shelters.” What the Dems are actually claiming is closing down a supposed tax loophole used by multinational corporations. (NOTE to Patrick Murphy–this is not a Bermuda tax shelter.)

What Murphy doesn’t mention in his press release is that the other place the Dems claim to find money to fund these paychecks is by reducing food stamp benefits for the poor. Of course, that’s not something he wants to come out, and it’s probably not something that will happen.

In other words, the Dems are claiming that they’ll cut the food stamp costs, but will they?

Congressman Murphy, we’ll be waiting for your press release on that–IF you’re still in office.

NdP

TARP Failures Reported

July 21, 2010

Neil Barofsky, the Special Inspector General for the Troubled Asset Relief Program (TARP), released a quarterly report that is candid in its assessment of TARP’s programs, calling the Home Affordable Modification Program a “fundamental failure of transparency and accountability”.

Many of the Treasury’s recent efforts have focused on the Home Affordable Modification Program (HAMP) and related foreclosure prevention initiatives. Unfortunately, HAMP continues to struggle…the number of homeowners being helped through permanent modifications remain anemic…HAMP has not put an appreciable dent in foreclosure filings…the number of trial and permanent modifications that have been canceled substantially exceeds the number of homeowners helped…Treasury has rejected calls to announce publicly any goals or performance benchmarks for HAMP…refusal to provide meaningful goals for this important program is a fundamental failure of transparency and accountability.

The American people are essentially being asked to shoulder an additional $50 billion of national debt without being told…how many people Treasury hopes to actually help stay in their homes as a result of these expenditures, how many people are intended to be helped…and how the program is performing against those expectations and goals.

The report can be found here: Quarterly Report to Congress